Eurozone GDP contracted -11.8% qoq in Q2, slightly better than prior estimate of -12.1% qoq. EU GDP contracted -11.4% qoq. Both were the sharpest declines since record started back in 1995. Over the year, Eurozone GDP dropped -14.7% yoy while EU GDP dropped -13.9% yoy, also worst since 1995.
Among the member states where data were available, (-18.5%) recorded the sharpest decline of GDP compared to the previous quarter, followed by Croatia (-14.9%), Hungary (-14.5%), Greece (-14.0%), Portugal (-13.9%) and France (-13.8%). The lowest declines of GDP were observed in Finland (-4.5%), Lithuania (-5.5%) and Estonia (-5.6%), followed by Ireland (-6.1%), Latvia (-6.5%) and Denmark (-6.9%).
Employment growth was finalized at -2.9% yoy in Eurozone and -2.7% yoy in EU. Employment in persons decreased in all Member States compared with the previous quarter, except in Malta (+0.6%). The largest decreases were recorded in Spain (-7.5%), Ireland (-6.1%), Hungary (-5.3%) and Estonia (-5.1%).
